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Understanding Enrollment Periods

Unfortunately, you cannot sign up for Medicare at any time. Medicare has specific enrollment periods that dictate when you can enroll in Medicare, choose additional insurance plans, or change existing plans. Be cautious, as missing these periods may lead to a late fee. Read more below:

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Initial Enrollment Period (IEP)

7 months total surrounding your 65th birthday. (3 months before, the month of, and 3 months after.)

This is your time to sign up for Original Medicare Part A & B, Drug Plan Part D, and possibly Medicare Advantage if that is within your plan. 

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Medigap Open Enrollment Period (MOEP)

A crucial, one-time, 6-month window when you first become eligible for Medicare Part B guaranteeing your right to buy any Medicare Supplement (Medigap) policy without medical underwriting

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Special Enrollment Period (SEP)

Enroll/Change/Disenroll in Advantage Plans or Drug plans for 2 months after specific life events:

  • Losing Other Coverage: Losing Medicaid, Extra Help, PACE, or employer coverage

  • Plan Issues: Current Medicare Advantage/Part D plan closes/reduces network/gets low ratings. 

  • 5-Star Plans: Joining a 5-star rated MA or Part D plan at any time. 

  • Leaving an MA Plan: Dropping your first MA plan within 12 months of joining. 

  • Exceptional Circumstances: Natural disasters, emergencies, etc.

  • Moving: If you move out of your plan's service area or into or out of a long-term care facility. 

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General Enrollment Period (GEP) &
Medicare Advantage Open Enrollment Period (MAOEP)

Enroll in Medicare Part A & B 

Switch Advantage plans or return to Original Medicare.

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Annual Election Period (AEP)

Enroll/Change/Disenroll in Advantage Plans or Drug plans

Understanding Penalties

Part A (Hospital Insurance) Penalty

  • Penalty: 10% of the premium for twice the number of years you delayed enrollment. 

  • When it applies: Only if you don't qualify for premium-free Part A.

Part B (Medical Insurance) Penalty

  • Penalty: 10% of the standard premium for each full 12-month period you were eligible but didn't sign up. 

  • Duration: You pay this penalty for as long as you have Part B. 

Part D (Prescription Drug) Penalty

  • Calculation: Based on the national base premium, not your specific plan's premium. 

  • Duration: You pay it as long as you have a Part D plan. 

  • Penalty: 1% of the national base beneficiary premium for each full month you went without Part D or other creditable prescription coverage. 

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